Good Deal In Little Holmby
Labels:
90024,
Little Holmby,
Price Reduction
This charming Little Holmby traditional at 811 Warner Ave, LA CA 90024 just received a 5.57% or $100,000 price reduction yesterday, down to $1,695,000. This is the 2nd price correction during the listing period, which started 37 days ago. The home was originally listed on 6/23/08 for $1,995,000 and had its 1st price reduction of 10% on 7/10/08. The last time something sold in Little Holmby below $1.7 was back in the beginning of 2006. This home is priced extremely well now and if you are waiting on the sidelines for a good deal, this is definitely one. To be in Little Holmby for under $1.7 in a completely remodeled home is a great deal. According to public records this home is a 3 bed / 1.75 bath, 2,011 sq ft home on a 5,619 sq ft lot.
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July 30, 2008 11:38 PM
Scott,
Does this mean it's a good deal, or does this mean that housing prices in Little Holmby are finally going the way of the rest of LA, and people should look before they leap?
Why is it that realtors interpret price reductions AND increases as indications to buy?
Curious Shopper
July 31, 2008 12:12 AM
Hi Curious,
I would always recommend looking before leaping :). I believe one should gather as much information as possible to make an educated decision about purchasing. But obviously emotions tend to make people want to do things anyway despite any evidence that is contradictory. That's what is so interesting about buying the commodity called real estate. Our emotions tend to rule over us.
But to answer your question directly about Little Holmby, I think its showing some signs of softness like everywhere else. If a home has any kind of issue with it, its makes it a little harder to sell now.
Regarding price reductions, they don't always mean an indication to buy now. But if a property is reduced to a price that's deemed as a current value compared to what else is on the marketplace, then it could definitely signal buy if your looking to buy. The reason I announce price reductions on this blog is; 1) to track whats going on in the marketplace and 2) alert buyers who may be watching a home to see if its reduced into their price range before being able to purchase it.
Hope that helps. Anytime you have a question or comment, stop on by or shoot me an email.
July 31, 2008 12:21 AM
Curious,
And yes, I believe this house is a good deal right now in Little Holmby.
August 7, 2008 11:10 AM
TINY LOT = TINY PRICE
Not appropriate to compare to typical Little Holmby prices or homes that have bigger lots.
THIS HOUSE SHOULD BE LESS BY ABOUT 30% - THE NEW OWNER WILL LOSE $$$ OVER THE NEXT 3-4 YEARS IF THEY HAVE TO SELL)
But it is a great time to buy...
August 31, 2008 10:59 AM
Did this one fall out of escrow? Why the open house today???
September 1, 2008 8:24 AM
Anon 1059am
Yes this home fell out of escrow and will be back to 'Active' status starting Tuesday.
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